DENVER, July 8, 2008 (LAWFUEL) — Dyer & Berens LLP
(www.DyerBerens.com) today announced that a class action has been
commenced in the United States District Court for the Central District
of California on behalf of purchasers of MRV Communications, Inc.
(“MRV” or the “Company”) (Nasdaq:MRVC) common stock during the period
between March 31, 2003 and June 5, 2008 (the “Class Period”). The
complaint charges MRV and certain of its current and former officers
with violations of the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no
later than 60 days from today. If you wish to discuss this action or
have any questions concerning this notice or your rights or interests,
please contact plaintiff’s counsel, Jeffrey A. Berens of Dyer & Berens
LLP at (888) 300-3362 or (303) 861-1764, or via e-mail at
jeff@dyerberens.com. Any member of the purported class may move the
Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member.
MRV is a supplier of communications equipment and services to carriers,
governments and enterprise customers worldwide. The complaint alleges
that, during the Class Period, defendants made false and misleading
statements concerning the Company’s employee stock option grant
practices and financial results. Defendants allegedly caused or allowed
MRV to issue statements that failed to disclose or misstated the
following: (i) that the Company had problems with its internal controls
that prevented it from issuing accurate financial reports and
projections; (ii) that because of improperly recorded stock-based
compensation expenses the Company’s financial results violated GAAP;
and (iii) that the Company’s public disclosures covering a seven-year
period presented an inflated view of MRV’s earnings and earnings per
share, which would later have to be restated.
On June 5, 2008, MRV announced that it expects to restate its 2002 to
2008 financial statements, and that its previously-issued financial
statements, earnings press releases, and similar communications should
no longer be relied upon. The restatement relates to the previously
undisclosed stock-option backdating problems and related accounting
issues. This report came after the Company had earlier announced that a
review of its options granting practices had found no evidence that
grant dates were designed to occur on dates with lower, more favorable
exercise prices. MRV’s management now states that it is likely that
these previous conclusions were incorrect. Upon disclosure of this
news, MRV’s share price plummeted approximately 24%.
Plaintiff seeks to recover damages on behalf of all purchasers of MRV
common stock during the Class Period. The plaintiff is represented by
Dyer & Berens LLP, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial fraud.
The firm’s extensive experience in securities litigation, particularly
in cases brought under the Private Securities Litigation Reform Act,
has contributed to the recovery of hundreds of millions of dollars for
aggrieved investors. For more information about the firm, please go to
www.DyerBerens.com.
More information on this and other class actions can be found on the
Class Action Newsline at www.primenewswire.com/ca
